The offer of 40 euro cents per share for 100 percent of Barcelona-based Fersa was approved by the Comision Nacional del Mercado de Valores, according to a statement from Greentech’s headquarters in Copenhagen today.
Greentech is seeking to buy companies in distress due to the European debt crisis and plans to boost renewable capacity to 1 gigawatt by the end of 2013. It operates about 300 megawatts of projects in countries such as Italy, Germany Spain, Poland and Denmark. The enlarged company would reach 600 megawatts of capacity and gain Greentech entry to India, France and Estonia, according to the statement.
Greentech’s offer includes a 14.3 percent premium on Fersa’s closing trading price today, equal to 35 euro cents, according to the statement.
The offer depends on acceptance by shareholders with more than 50 percent of Fersa’s voting rights and that Fersa keeps ownership and “economical rights” over a number of wind parks.
Greentech Chairman Peter Hostgaard-Jensen said in an interview last month that the company received unofficial signals of interest from “significant” Fersa shareholders whom he declined to name. The new group will have income of about 120 million euros, with Ebitda of around 80 million euros, according to today’s statement.
Greentech’s offer values Fersa at 56 million euros based on its 140 million shares outstanding. Combined with Fersa’s debt, the takeover transaction is worth about 300 million euros, Greentech Chief Executive Officer Sigieri Diaz della Vittoria Pallavicini said in. The market value of Fersa is about 49 million euros.
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